Lauritzen Sells Unit To Management

Danish shipping and shipbuilding group J.Lauritzen Holding A/S has reached agreement on a management buyout of its Danyard Aalborg shipyard unit.

"The sale will not have any result impact in 2000 for J.Lauritzen Holding," an official said.

The price corresponded to the unit's book value at end-1999, Lauritzen said, but did not elaborate.

Danyard Aalborg's 1999 pre-tax profit of $1.4 million accounted for 5.5 percent of group pre-tax profit, and the unit's turnover of $14.8 million was .5 percent of the consolidated total.

At end-1999, Danyard Aalborg's orderbook was $8.4 million, Lauritzen said.